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Sep 27, 2012
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in washington and 1:00 in the afternoon in the did -- in madrid where the spanish government is due to unveil the latest controversial cuts. there are speculation pensions could be cut back, taxes raised in-state own businesses privatized. prime minister mariano rajoy is looking to slash spending by some 40 billion euros, about $50 billion. the prospect of yet more austerity for a country in deep recession -- unemployment running staggering 25% -- has already seen thousands take to the street in clashes with police brief was get the latest from our correspondent in the madrid. >> the frustration of some people here in spain and particular the young, has pulled over on to the streets for two nights running here in madrid. they were not the violent demonstrations we saw from the night before but there was some tension last night. but many here in spain feel the government here has no choice, that it needs to reduce its spending to balance its budget for the to convince the eurozone which have already helped out the banks here and might have to help spain again. late last night, thousands
in washington and 1:00 in the afternoon in the did -- in madrid where the spanish government is due to unveil the latest controversial cuts. there are speculation pensions could be cut back, taxes raised in-state own businesses privatized. prime minister mariano rajoy is looking to slash spending by some 40 billion euros, about $50 billion. the prospect of yet more austerity for a country in deep recession -- unemployment running staggering 25% -- has already seen thousands take to the street...
WHUT (Howard University Television)
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Sep 26, 2012
09/12
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there was tear-gas fired last night in madrid. these are not the kind of things markets like to hear. >> thousands of people on the streets in madrid with rebel its at them. markets get very jittery. markets are down. the cost of borrowing for companies -- countries like spain is up over 6%. so much to talk about. spain is the new epicenter of the euro zone debt crisis. the next two days are monumental. tomorrow the spanish government will be held on the table the 2013 budget and the new structural reforms which will mean more hardships for those on the ground in the form of cuts. tax increases and spending cuts. on friday we will get the final results from the stress test of the spanish banks. there's no doubt spanish banks probably will need all the $125 billion promised. the prime minister is doing all this, and getting the budget out and reforms on the table ahead of his having to officially go to the euro zone to put his hands up and say we are going a full-blown bailout. in athens, the $15 billion austerity program has been
there was tear-gas fired last night in madrid. these are not the kind of things markets like to hear. >> thousands of people on the streets in madrid with rebel its at them. markets get very jittery. markets are down. the cost of borrowing for companies -- countries like spain is up over 6%. so much to talk about. spain is the new epicenter of the euro zone debt crisis. the next two days are monumental. tomorrow the spanish government will be held on the table the 2013 budget and the new...
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Sep 17, 2012
09/12
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welcome thisnoisy morning in madrid. the police faced up to rail workers and protested against possible plans to privatize spain's rail network. elsewhere, things went quiet. some services were canceled as those working on the railways went on strike. >> it is complicated. >> i think the strike is there. they want to privatize the rail sector, and i don't think that is right. >> spain has one of the best high-speed rail networks in the world. the unions fear the government plans to -- they believe it would mean job losses and rising fares. over the weekend, thousands of public-sector workers and others demonstrated against the spanish government's austerity reform. the unions warned of more protests. but the government here in madrid shows no signs it is ready to change its agenda of the austerity. in fact, towards the end of this month, the economy minister will announce yet more economic reforms and they could include plans to privatize the railways. privatizing the railways would be a crime for some, but for the gover
welcome thisnoisy morning in madrid. the police faced up to rail workers and protested against possible plans to privatize spain's rail network. elsewhere, things went quiet. some services were canceled as those working on the railways went on strike. >> it is complicated. >> i think the strike is there. they want to privatize the rail sector, and i don't think that is right. >> spain has one of the best high-speed rail networks in the world. the unions fear the government...
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Sep 27, 2012
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gavin hewitt has more from madrid. >> lines of police outside the education ministry in madrid tonight. teachers protested here against cuts. they came onto the street at the government's announced the most severe round of budget savings so far. these latest austerity measures are widely seen as paving the way for a full-scale bailout. >> [spending -- speaking spanish] >> the minister of finance said he heard 2012 would be the last year the economy would shrink. another minister described it as a crisis budget designed to exit the crisis. this austerity budget aims to find savings of 40 billion joerres next year. each government department would how to make cuts of 90%. public-sector pay will be frozen for another year, and the retirement age is set to rise. >> just a few weeks ago, europe believed it had achieved a breakthrough. the european central bank said it would help come -- countries like spain by buying their bonds and reducing their borrowing costs. but there was a catch, spain would have to apply for a rescue and it would be strict conditions. but spain has resisted acceptin
gavin hewitt has more from madrid. >> lines of police outside the education ministry in madrid tonight. teachers protested here against cuts. they came onto the street at the government's announced the most severe round of budget savings so far. these latest austerity measures are widely seen as paving the way for a full-scale bailout. >> [spending -- speaking spanish] >> the minister of finance said he heard 2012 would be the last year the economy would shrink. another...
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Sep 6, 2012
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i am joined now by our correspondent in berlin and madrid. steve, if i could come to you first. what are they discussing at the ecb? >> basically, whether to buy up spanish debt. if the price of borrowing gets too high. mr. mario draghi indicated he would do whatever it takes, how much he would be prepared to spend of the ecb's money, and germany is uneasy. willet it be a vague promise to buy debt or something more than that? >> how important is this meeting for spain? further down the line, italy possibly. >> the spanish government argues that the crux of their problem at the moment are high borrowing costs. they cannot go to the market and get money at a sensible rate of interest. there are two scores of thought white spain's borrowing costs are so high -- thought why spaipn's borrowing costs are so high. >> some would say it is the ecb offering direct help to governments which it is not supposed to do and people in germany are now convinced. >> tom alluded to the problem. if you think the spanish problem is that its economy is out of kilter, that its problems stem from a hous
i am joined now by our correspondent in berlin and madrid. steve, if i could come to you first. what are they discussing at the ecb? >> basically, whether to buy up spanish debt. if the price of borrowing gets too high. mr. mario draghi indicated he would do whatever it takes, how much he would be prepared to spend of the ecb's money, and germany is uneasy. willet it be a vague promise to buy debt or something more than that? >> how important is this meeting for spain? further down...
WHUT (Howard University Television)
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Sep 20, 2012
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billion bureau's more every year in tax to the spanish government then did it get back in funding from madrid. no doubt the economic crisis has galvanized support not only for renegotiation with the central government but also the idea that catalonia should be independent from spain. >> [indiscernible] >> despite a record turnout, independence is a long way from becoming a reality. economics are changing the politics of this region. >> time now to hear about a budding new artist. it is a little bit abstract. it is because she has a rather unusual way of producing this work. she is an elephant and paints with her trunk. >> the elephant, a budding painter and bold experimentalist with color. >> she likes to dot with lines. asian elephants have a one- finger digit. it is a type of enrichment. they love to learn. they are super smart. for them, something super exciting to do. >> all for a good cause. the hour work will be put up for auction and all proceeds -- the artwork will be put up for auction and all proceeds given to charity. >> let me talk to you about a theme park ride in the united stat
billion bureau's more every year in tax to the spanish government then did it get back in funding from madrid. no doubt the economic crisis has galvanized support not only for renegotiation with the central government but also the idea that catalonia should be independent from spain. >> [indiscernible] >> despite a record turnout, independence is a long way from becoming a reality. economics are changing the politics of this region. >> time now to hear about a budding new...
WHUT (Howard University Television)
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Sep 28, 2012
09/12
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they are mindful of the sort of that we saw in madrid this week. when we saw them talking about the middle class not being punished, you can't -- that's the highest figure it's been since france joined the euro. so they are being punished. in terms of going forward, is it enough? well, that depends on whether growth recovers. the president has said they down graded growth next year from 1% to 1.8%. but we just had confirmation that the second quarter was flat. that's nine kecty months of stagnation. unless they turn that around, this budget probably isn't enough and they will break promises that they've made to brussels. at the moment, the interest rates on the debt, which is at about 90% are pretty low, a historical low. that's because people are looking for safer havens away from the likes of italy and spain. you can expect those interest rates to start rising. that will be significant indeed for the future of the eurozone. >> absolutely. how often have we heard, off of the zureo zone countries breaking word to brussels. christian, i'm sure we'll
they are mindful of the sort of that we saw in madrid this week. when we saw them talking about the middle class not being punished, you can't -- that's the highest figure it's been since france joined the euro. so they are being punished. in terms of going forward, is it enough? well, that depends on whether growth recovers. the president has said they down graded growth next year from 1% to 1.8%. but we just had confirmation that the second quarter was flat. that's nine kecty months of...
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Sep 6, 2012
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. >> on the streets of madrid today, protests against a visit by the german chancellor, angela merkel. they blame her for austerity. when she met with the spanish prime minister, he would not be drawn on whether he would now be asking for a bailout. angela merkel spoke of the need to restore confidence in the euro as a whole. later, a spanish minister cast doubt on whether spain would seek help. >> i know you say that in the short term, certainly, that spain does not need to ask for a rescue. >> according to the figures in the financial situation right now, we believe that we can be self-sufficient. >> but those regions -- but there are regions that see why spain may need a rescue. for companies like this furniture factory, it is a harsh climate. consumers are not spending, and it is almost impossible to find credit. once bustling industrial estates are shuddered. the town, like so many, is struggling with huge debt. even the street lighting is being reduced. today's announcement was the ecb's big bazooka. there will be no limits on the amount of government bonds the central bank can
. >> on the streets of madrid today, protests against a visit by the german chancellor, angela merkel. they blame her for austerity. when she met with the spanish prime minister, he would not be drawn on whether he would now be asking for a bailout. angela merkel spoke of the need to restore confidence in the euro as a whole. later, a spanish minister cast doubt on whether spain would seek help. >> i know you say that in the short term, certainly, that spain does not need to ask for...